The role of the consumer has changed from isolated and unaware to connected, informed, and active. Consumers now seek to influence all parts of the business system, blurring the line between producers and consumers. Through interaction and dialogue, consumers co-create unique value with companies rather than simply engaging in exchange. For companies, this raises questions about how to effectively engage in dialogue, manage consumer input and access to information, assess and deal with risk, and forecast demand from individualized consumers. Companies can meet these connected, informed, and active consumers through individual online pages, forums, blogs, videos, and risk policies to facilitate co-creation.

1. Marketing & Media Management. Stockholm School of Economics. Media Management 2011 Group 5A AssignmentArticle 9: Prahalad, C.K. & Ramaswamy, V. “Co-creating Unique Value with Customers” (2004) Ludvig (40089@student.hhs.se) Eva (40196@student.hhs.se) Vinay (vinayd@kth.se)

2. The role of the Consumer in the Industrial system has changed Information Access Networking Experimentation Global View Activism From Isolated to Connected From Unaware to Informed From Passive to Active

3. Connected, Informed and Active – what is the result of such Consumers? “Customers now seek to exercise their influence in every part of the business system” The distinction between Producer and Consumer disappears. Interaction makes consumers to define and co-create value Co-creation replaces Exchange process by individual uniqueness

4. what is not? Co-creation of value – what is it?

5. Elements of the DART model for co-creation of value Dialogue Transparency Access Risk assessment

6. Co-creation raises important questions for managers The effectiveness of in-depth dialogues, is it worth it? Where do we draw the line regarding customers input into product design? Where do we draw the line regarding customers access in the supply chain? How do we deal with heterogeneous demands? How much risk are we willing to take in terms of legal responsibility? How do we forecast the demand in such a individual demand base?

7. Combination of the elements Access Transparency Transparency Dialogue Risk assessment Risk assessment Access Dialogue

8. How do they co-create?

11. videos, pod-cast, pictures